It was widely believed that Ivanchuk might become world champion. He came close in 2002, when he reached the final of the FIDE World Chess Championship 2002. Ivanchuk has consistently ranked among the top 10 since 1988, but Mark Crowther's The Week in Chess said his erratic play was due to "poor temperament." His results have seen him drop as low as 30th in July 2009, but he returned to the top ten in the next list. His inability to become world champion despite his immense talent and longevity has been attributed to his admittedly poor nerves, demonstrated by blunders such as at the 1994 London Grand Prix blitz, when he failed to complete a strong attack on Viswanathan Anand with a mate in one despite having 1:14 left on the clock. Ivanchuk's nerves were notably exposed during the high-tension atmosphere of World Championship match-format tournaments, such as in 2002 where he was heavily favored in the FIDE championship final after having defeated defending champion Anand in the semifinals, only to lose to countryman Ruslan Ponomariov in a major upset, denying him the championship. Subsequent match-play tournaments in World Championship cycles saw Ivanchuk consistently underperform; in the FIDE World Chess Championship 2004, Chess World Cup 2005, Chess World Cup 2007, and Chess World Cup 2009, he failed to advance past the third round despite being seeded No. 5, No. 1, No. 1 and No. 6 respectively in those events.
Ivanchuk's world championship aspirations were also dampened by the unfortunate title split from 1993 to 2006. Due to obligations with FIDE, Ivanchuk and Anand did not participate in the 2002 Dortmund Candidates tournament for the Classical World Chess Championship 2004. He was then narrowly excluded, on the basis of rating, from the rival FIDE World Chess Championship 2005. While he won one of the events of the FIDE Grand Prix 2008–2010, his overall performance was not enough to qualify him for the World Chess Championship 2012 candidates tournament.